7-9A-601
Section 7-9A-601 Rights after default; judicial enforcement; consignor or buyer of accounts,
chattel paper, payment intangibles, or promissory notes. (a) Rights of secured party after
default. After default, a secured party has the rights provided in this part and, except as
otherwise provided in Section 7-9A-602, those provided by agreement of the parties. A secured
party: (1) may reduce a claim to judgment, foreclose, or otherwise enforce the claim, security
interest, or agricultural lien by any available judicial procedure; and (2) if the collateral
is documents, may proceed either as to the documents or as to the goods they cover. (b) Rights
and duties of secured party in possession or control. A secured party in possession of collateral
or control of collateral under Section 7-7-106, 7-9A-104, 7-9A-105, 7-9A-106, or 7-9A-107
has the rights and duties provided in Section 7-9A-207. (c) Rights cumulative; simultaneous
exercise. The rights under subsections (a) and (b) are cumulative...
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10A-4-3.02
Section 10A-4-3.02 Death or disqualification of shareholder. (a) Upon the death of a shareholder
of a domestic professional corporation, or if a shareholder of a domestic professional corporation
becomes a disqualified person, or if shares of a domestic professional corporation are transferred
by operation of law or court decree to a disqualified person, the shares of the deceased shareholder
or of the disqualified person may be transferred to a qualified person and, if not so transferred,
shall be purchased or redeemed by the domestic professional corporation to the extent of funds
which may be legally made available for the purchase. (b) If the price for the shares is not
fixed by the governing documents of the domestic professional corporation or by private agreement,
the domestic professional corporation, within six months after the death or 30 days after
the disqualification or transfer, as the case may be, shall make a written offer to pay for
the shares at a specified price...
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27-42-3
Section 27-42-3 Applicability of chapter. This chapter shall apply to all kinds of direct insurance,
excluding all of the following: (1) Life, annuity, health, or disability insurance. (2) Mortgage
guaranty, financial guaranty, or other forms of insurance offering protection against investment
risks. (3) Fidelity or surety bonds, or any other bonding obligations. (4) Credit insurance,
vendors' single interest insurance, or collateral protection insurance or any similar insurance
protecting the interests of a creditor arising out of a creditor-debtor transaction. (5) Insurance
of warranties or service contracts, including insurance that provides for the repair, replacement,
or service of goods or property, or indemnification for repair, replacement, or service, for
the operational or structural failure of the goods or property due to a defect in materials,
workmanship, or normal wear and tear, or provides reimbursement for the liability incurred
by the issuer of agreements or service...
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6-5-248
Section 6-5-248 Who may redeem; priorities. (a) Where real estate, or any interest therein,
is sold, it may be redeemed by: (1) Any debtor, including any surety or guarantor. (2) Any
mortgagor, even if the mortgagor is not personally liable for payment of a debt. (3) Any junior
mortgagee, or its transferee. (4) Judgment creditor, or its transferee. (5) Any transferee
of the interests of the debtor or mortgagor, either before or after the sale. A transfer of
any kind made by the debtor or mortgagor will accomplish a transfer of the interests of that
party. (6) The respective spouses of all debtors, mortgagors, or transferees of any interest
of the debtor or mortgagor, who are spouses on the day of the execution, judgment, or foreclosure
sale. (7) Children, heirs, or devisees of any debtor or mortgagor. (b) All persons named or
enumerated in subdivisions (a)(1) through (a)(7) may exercise the right of redemption granted
by this article within 180 days from the date of the sale for...
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7-1-310
Section 7-1-310 Subordinated obligations. An obligation may be issued as subordinated to performance
of another obligation of the person obligated, or a creditor may subordinate its right to
performance of an obligation by agreement with either the person obligated or another creditor
of the person obligated. Subordination does not create a security interest as against either
the common debtor or a subordinated creditor. (Act 2004-524, p. 1070, §1.)...
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7-9A-333
Section 7-9A-333 Priority of certain liens arising by operation of law. (a) "Possessory
lien." In this section, "possessory lien" means an interest, other than a security
interest or an agricultural lien: (1) which secures payment or performance of an obligation
for services or materials furnished with respect to goods by a person in the ordinary course
of the person's business; (2) which is created by statute or rule of law in favor of the person;
and (3) whose effectiveness depends on the person's possession of the goods. (b) Priority
of possessory lien. A possessory lien on goods has priority over a security interest in the
goods unless the lien is created by a statute that expressly provides otherwise. (c) Priority
of landlord's lien. Priority conflicts between a landlord's lien for rent arising by operation
of law, other than an agricultural lien, and a security interest in goods brought on leased
premises shall be determined as follows: (1) If the security interest attaches after...
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7-9A-403
Section 7-9A-403 Agreement not to assert defenses against assignee. (a) "Value."
In this section, "value" has the meaning provided in Section 7-3-303(a). (b) Agreement
not to assert claim or defense. Except as otherwise provided in this section, an agreement
between an account debtor and an assignor not to assert against an assignee any claim or defense
that the account debtor may have against the assignor is enforceable by an assignee that takes
an assignment: (1) for value; (2) in good faith; (3) without notice of a claim of a property
or possessory right to the property assigned; and (4) without notice of a defense or claim
in recoupment of the type that may be asserted against a person entitled to enforce a negotiable
instrument under Section 7-3-305(a). (c) When subsection (b) not applicable. Subsection (b)
does not apply to defenses of a type that may be asserted against a holder in due course of
a negotiable instrument under Section 7-3-305(b). (d) Omission of required statement...
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8-3-13
Section 8-3-13 Surety may require creditor to bring action against principal; discharge of
surety upon failure to bring action. (a) A surety upon any contract for the payment of money
or for the delivery or payment of personal property may require the creditor or anyone having
the beneficial interest in the contract, by notice in writing, to bring an action thereon
against the principal debtor or against any cosurety to such contract. (b) If an action is
not brought thereon in three months after the receipt of such notice and prosecuted with diligence
according to the ordinary course of law, the surety giving such notice is discharged from
all liability as surety or his aliquot proportion of the debt, as the case may be. (c) One
surety may give the notice in behalf of his cosureties. (d) The remedy secured by this section
does not apply to bonds or other contracts with collateral conditions, nor to the bonds of
executors, administrators, guardians, or public officers. (Code 1852,...
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11-92B-21
Section 11-92B-21 Exemption from taxation. An authority, including, without limitation, its
property, its income, the bonds and other securities issued by the authority, the interest
applicable thereto, and the income therefrom, and all mortgages, indentures, and other instruments
executed as security therefor, and all deeds and other documents delivered to or by the authority
shall be exempt from all state and local taxation, except sales and use tax, but including,
without limitation, any license or excise taxes imposed on the authority for the privilege
of engaging in any of the activities in which the authority may engage. An authority shall
not be obligated to pay any fees, taxes, or costs to the judge of probate in connection with
the recording or filing of any deed or document. Except as provided in this section, nothing
in this chapter shall be construed to: (1) Exempt any person, individual, corporation, association,
or entity from otherwise applicable state, county, and...
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27-32-27.1
Section 27-32-27.1 Authority of receivers and federal home loan banks regarding collateral
pledged by insurer members in delinquency proceedings. (a) For purposes of this chapter, the
following terms shall have the following meanings: (1) FEDERAL HOME LOAN BANK or FHLB. A federal
home loan bank established pursuant to the Federal Home Loan Bank Act, 12 U.S.C. Section 1421,
et seq. (2) INSURER MEMBER. An insurer who is a member of a federal home loan bank. (b) Notwithstanding
any other provision of this chapter, the receiver for an insurer member may not void any transfer
of, or any obligation to transfer, money or any other property arising under or in connection
with any federal home loan bank security agreement, or any pledge, security, collateral, or
guarantee agreement, or any other similar arrangement or credit enhancement relating to a
federal home loan bank security agreement made in the ordinary course of business and in compliance
with the applicable federal home loan bank...
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